Entrepreneurship Management Project

Presented to : Prof. Anju Dusseja Presented by:

NAMES Shyam Palan Krupa Vagal Heena Tonde Pritam Devghare Forum Parmar Manoj Sahu ROLL NOS. 82 115 113 19 50 PG 12

RUBY ASHRAF

ABOUT RUBY ASHRAF

 Grew up in Delhi, father was with Ministry of Defense  CEO of Precious Formals and Dazzling Formals ($10 million Co.)  Quit medicine and did Masters in Science from DU  IIM-A grad (PGP- 1983)  First job with BHEL as an HR  Married professor Javed Ashraf of Rice University in 1987  Always the best dressed girl in college  Handles the designing and marketing activities at Precious Formals  Studied the retail stores to understand the fashion trends  Since designing was her forte she could do well in the business  Also margins were high in evening wear.  Believes markets change, buyers change so one should change with it too

About Precious Formals www.preciousformals.com

 Founded in 1990. Retails in 2000 stores  Specially designed for the Prom, Pageant and Evening wear markets  Range between $400 - $800  Cheaper range Glam Gurlz sells at $200  Posh Precious sells over $600  Recipient of the Southwestern Bridal and Formal Wear manufacturer of the Year award for many consecutive years  Dallas Fashion Award and Atlanta DIVA Award  About 65 employees in the peak season

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Her Spouse- JAVED ASHRAF

 Professor at the Rice University  Left his job to assist his wife  He is involved with the business but does not wish to share the limelight  Handles the IT, Finances, Accounts and photoshoots as a photographer  Companys strong & silent backbone  Whos to say Whos lucky

Hindrances Ruby Faced

 Stagnant growth  Affect to the business after 9/11  Issues with merchandise inventory stocking up  Change in trends  State of the US, China and Indian economy

Changing with times- Strategies used by Ruby

 There wasnt much information available on the industry but there were case studies on everything else but nothing on apparel so she did her own case study.  Started selling few dresses at stores; gained confidence  Cater to Europe, Middle East etc  Started with formals for older, mature people through retail stores for Christmas  But soon Christmas became casual so she explored Prom.

Changing with times- Strategies used by Ruby cntd

 Shifted to boutiques  Started Bridal wear  Moved to prom dresses and evening wear  Used customer insights and made dresses suitable for most ages  Special jackets  Fan Page  Appointing young girls whove graduated from fashion school as sales team

2/18/2012

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Entrepreneurship Qualities of Ruby

 Sense of self awareness  Ability to take tough decisions  Considered ok to dream & achieve beyond your dreams  Make an action plan and turn it into a reality  No one particular formula for being successful  Learn from your failure and take up the challenges to be successful  Modest

Rubys Mantras
 Dil me chaah, to niklegi raah  Life has its own plan, you just have to flow & grow with it  You start with a strategy but change it along the way as per changing times  Success is when minds meet & there is Congruence of Goals both Personaly & Professionally  Business, Family & Fun should be fused together.

THANK YOU

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